Staff of Reuters 2 minutes Read this article (Adds details from press release, quotes) Reuters, July 6 – Platinum Equity, the private equity firm of billionaire Tom Gores, announced on Tuesday that it would buy speciality chemicals business Solenis for $5.25 billion, including debt, and merge it with Sigura Water, which it acquired in 2019. Clayton, Dubilier & Rice and BASF will sell Solenis to Platinum Equity. BASF, a German chemicals major, owns a 49 percent share in Solenis, based in Wilmington, Delaware. Platinum Equity hopes to grow up the latter’s water-treatment products and sell chemicals to the food packaging and paper industries by integrating Solenis, which is over a century old, and Sigura Water. The united business will be led by Solenis CEO John Panichella. In a statement, Sigura CEO Robert Baird said, “The merger will assist accelerate our growth and allow us access to additional resources and wider market prospects.” (Abhijith G in Bengaluru contributed reporting; Krishna Chandra Eluri edited the piece.)/n
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